If you deposit $3400 today into an account earning an annual rate of return of 7 percent, what would your account be worth in 35 years?
A | = | P*(1+i)^n | Where, | |||||
= | 3400*(1+0.07)^35 | A | = | Future Value | = | ? | ||
= | $ 36,300.38 | P | = | Present Value | = | $ 3,400 | ||
i | = | Rate of return | = | 7% | ||||
n | = | time | = | 35 |
If you deposit $3400 today into an account earning an annual rate of return of 7...
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